One of the most crucial aspects in maintaining a smart grid Network is to monitor its stability, control and minimize the outages, blackouts etc. which can be achieved by Phasor Measurement Units (PMUs). Despite having a number of advantages, PMUs are expensive and cannot be placed at every node in a network for constant observation. Therefore, it is economically feasible to place these PMUs at optimal locations, depending on the demand of each node. Our current research attempts to resolve the issue of positioning PMUs in a dynamic network at optimal locations which is accomplished by using two different heuristic algorithms, K-Median and K-Center heuristic algorithms. A limited number of PMUs will be used such that all nodes are served efficiently. Further, we will compare the time taken for the optimization and heuristic procedures of both algorithms in a dynamic network.